section 529 final

section 529 final - Section 529 Qualified Tuition Program...

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    Section 529  Qualified Tuition Program By: Michael Cimaglia, Carla  Gunderson, Nick Klaczynski,  Vincent Macino, David Pawlak,  and Ryan Thornton
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    A Brief History of Section 529 1996: Section 529 of the Internal Revenue  Code is first created. 2001: Section 529 is amended by the  Economic Growth and Tax Relief  Reconciliation Act (EGTRRA).  January 1, 2002: Section 529 goes into effect. 2010: EGTRRA originally set to expire  Section 529, but was made permanent by the  Pension Protection Act of 2006.
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    Definition of Section 529 Tax  Code (a) General rule: A qualified tuition program shall be exempt from taxation  under this subtitle. Notwithstanding the preceding sentence, such program  shall be subject to the taxes imposed by section  511  (relating to imposition  of tax on unrelated business income of charitable organizations).  (b) Qualified tuition program: a program established and maintained by a  State or agency or instrumentality thereof or by 1 or more eligible  educational institutions. (A) under which a person—  (i) may purchase tuition credits or certificates on behalf of a  designated beneficiary which entitle the beneficiary to the waiver  or payment of qualified higher education expenses of the  beneficiary, or  (ii) in the case of a program established and maintained by a State  or agency or instrumentality thereof, may make contributions to an  account which is established for the purpose of meeting the  qualified higher education expenses of the designated beneficiary  of the account.
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    Continue Section 529  Definition (c) Tax treatment of designated beneficiaries and contributors  (1) In general 
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section 529 final - Section 529 Qualified Tuition Program...

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